Part 1:
What’s the breakeven point in units—how many dogs will you need to groom in the first year to break even?
If you and your two employees groomed dogs five days a week, seven hours a day, fifty weeks a year, how many dogs would each of you need to groom each day? Is this realistic given that it takes one hour to groom a dog?
Part 2:
If you raised your grooming fee to $38, how many dogs would you need to groom to break even?
At this new price, how many dogs will each of you have to groom each day (assuming, again, that the three of you groom dogs fifty weeks a year, five days a week, seven hours a day)?
Part 3:
Would you start this business?
What price would you charge to groom a dog?
How could you lower the breakeven point and make the business more profitable?
Answers
Part 1:
To calculate the breakeven point in units, we need to determine the total fixed costs and variable costs. Assuming that the fixed costs for running the business are $40,000 per year, and the variable costs per dog groomed are $20, the breakeven point can be calculated as:
Breakeven Point = Fixed Costs / (Revenue per Unit - Variable Costs per Unit)
Breakeven Point = $40,000 / ($50 - $20)
Breakeven Point = 1,600 dogs
Therefore, you will need to groom 1,600 dogs in the first year to break even.
If you and your two employees groom dogs five days a week, seven hours a day, fifty weeks a year, you will have a total of 1,050 hours of grooming time per year. Assuming that it takes one hour to groom a dog, each of you would need to groom approximately one dog per hour. This is a realistic target to achieve.
Part 2:
If you raised your grooming fee to $38, the new revenue per unit would be $38, and the breakeven point can be recalculated as:
Breakeven Point = Fixed Costs / (Revenue per Unit - Variable Costs per Unit)
Breakeven Point = $40,000 / ($38 - $20)
Breakeven Point = 2,000 dogs
Therefore, you will need to groom 2,000 dogs in the first year at the new price of $38 to break even.
Assuming that the three of you groom dogs fifty weeks a year, five days a week, seven hours a day, each of you would need to groom approximately 1.9 dogs per hour at the new price of $38 to break even.
Part 3:
Whether or not to start this business depends on various factors, such as your passion for dogs, your experience in grooming, the demand for dog grooming services in your area, and the competition.
The price you charge to groom a dog will depend on the market demand, the cost of running the business, and the profit margin you want to achieve. To make the business more profitable and lower the breakeven point, you could consider the following strategies:
1. Increase your marketing efforts to attract more customers.
2. Offer additional services, such as dog walking or pet sitting, to increase revenue.
3. Negotiate better deals with suppliers to lower your variable costs.
4. Improve your operational efficiency by streamlining your grooming process and reducing wastage.
5. Train your employees to improve their grooming skills and productivity.
Overall, starting a dog grooming business can be a rewarding and profitable venture if done right.
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Related Questions
This is my last question plzzzz get it right
Museum curators are in a tourism career.
A. True
B. False
Answers
Answer:
false
Explanation:
Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT?
Answers
All of the following, with the exception of conditions, are required.
Describe insurance.One party will agree to compensate another in the event of a certain loss, damage, or injury in exchange for a fee in order to safeguard oneself from financial loss. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialise.
An underwriter, insurer, firm, or carrier is a company that provides insurance. A person or organisation that obtains insurance is known as a policyholder, whereas a person or organisation that the policy protects is known as an insured.
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Insurance
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I need a good answer to this by Friday. Research various sources or Web sites that can help an entrepreneur with writing a business plan.
Now create a "Top 10" list of these sources in a table. The first one has been done for you.
Discuss what your first choice of sources to use as an entrepreneur would be and explain why.
Answers
The Web sites that can help an entrepreneur in writing a good business plan are:
The Economist.Forbes.com/entrepreneur.Under 30 CEO, etc.What is a business plan?A business plan is known to be a kind of written document that tells onw what they need to know about how a business can be run and also startup.
Concussively, Note that a business plan is regarded as the roadmap for any company in terms of marketing, financial standpoints, etc. The Economist will help the entrepreneur to know more about starting a business and what the market looks like.
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23) In general, any ceteris paribus determinant of supply that is favorable to production will A) shift the demand curve to the left B) cause a movement along the supply curve C) shift the supply curve to the left. D) shift the supply curve to the right.
Answers
The correct option is Option D. In general, any ceteris paribus determinant of supply that is favorable to production will D) shift the supply curve to the right.
The correct option is Option D. When a determinant of supply that is favorable to production changes, it affects the quantity of goods or services that suppliers are willing and able to produce at each price level. If the determinant results in an increase in supply, indicating that suppliers are willing and able to produce more at each price level, the supply curve shifts to the right. This means that at any given price, there is a greater quantity supplied.
On the other hand, if the determinant of supply changes in a way that reduces production, the supply curve would shift to the left, indicating a decrease in the quantity supplied at each price level.
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the slope of the demand curve for a monopoly firm is:
Answers
Answer:sorry man, don’t know
Explanation:
3. Why are people who are unemployed but not looking for work not included in
the unemployment figures? (Hint: think of teenagers)
Need help due TODAY
Answers
Answer:
Because they don't keep track on it.
Explanation:
Basically they are just included in it because they don't keep track of it. Hope that helps!
The movement of parts from one area of the factory to another is considered a value-added activity whereas the storage of raw materials is considered a non-value activity.
Answers
Answer:
TRUE
Explanation:
Value can be defined as the thing for which an customer is willing to pay the price. It is the activity on any shop floor or business for delivering the product or service to the customer for which the customer is ready to pay the price for it.
If the customers does not wish to pay the price, then there is no value.
So inside a factory, in a shop floor, moving a part from one place to another for making a product that the customer is willing to pay is a value added activity. But excess movement or transportation of product does not any value to it, it is then considered as a waste.
Also storing of products is a non value activity as storing a product will not help the customer in any way and a customer will not pay for a product when it is stored and is of no use to the customer.
On his birthday, Kamran receives $200 from his aunt, $50 of which he decides to save. He is taken out by his father for lunch. His father pays the bill. Kamran spends the afternoon playing football. Which of these activities involves an opportunity cost? * A. Eating the free lunch-NO, Playing football-NO, Saving-NO
B. Eating the free lunch-NO, Playing football-NO, Saving-YES
C.Eating the free lunch-NO, Playing football-YES, Saving-YES
D. Eating the free lunch-YES, Playing football-YES, Saving-YES
Answers
Answer: D hope this helps :)
Explanation:
Eating the free lunch-YES, Playing football-YES, Saving-YES
What is saving?Deferred consumption, or not spending money, is saving. Savings strategies involve setting money aside in places including cash, investment funds, pension accounts, and deposit accounts. Reducing expenses, such as regular expenses, is another aspect of saving.
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which of the following represents the space that is currently being rented to paying tenants? multiple choice reit space leased space ground space occupied space
Answers
Leased space represents the space that is currently being rented to paying tenants.
What is Leased Space?Leased space is the space or property that is rented by a tenant from an owner or lessor. It refers to the area or property that is being rented to the tenant.
The owner of the property, who is also known as the lessor, is responsible for ensuring that the leased space is habitable and up to code.
The tenant, who is the lessee, is responsible for paying rent on time and for any damages caused to the leased space.
What is a REIT?A Real Estate Investment Trust (REIT) is an organization that owns or finances real estate properties.
They enable individuals to invest in a diversified portfolio of professionally managed real estate, as opposed to directly investing in property.
To qualify as a REIT, the organization must meet certain requirements, such as owning and operating real estate and distributing at least 90% of its taxable income to shareholders in the form of dividends.
Therefore, REITs do not refer to leased space, ground space, or occupied space, but rather the company that owns or finances the properties.
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Examine the balance sheets given in Table 1.3. a. What is the ratio of real assets to total assets for commercial banks? (Round your answer to 4 decimal places.) Ratio of real to total assets b. What is that ratio for nonfinancial firms? (Table 14) (Round your answer to 4 decimal places.)
Answers
The ratio of real assets to total assets is 1.71%.
Real assets are tangible possessions that are intrinsically valuable because of their nature and characteristics. Real assets include natural resources, precious metals, commodities, real estate, land, and equipment.Investments in tangible assets like real estate, energy, and infrastructure are included in the asset class known as "real assets." Real assets are inherently physically valuable. In contrast to real assets, which are typically intangible and derive their value from a contractual right, financial assets are tangible.Real assets are tangible possessions that are intrinsically valuable because of their nature and characteristics. Real assets include natural resources, precious metals, commodities, real estate, land, and equipment.To know more assets here
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Explain the technique of making bamboo based handicrafts with an example.
Answers
Answer:
Bamboo can be processed into thin strips or sheet materials for bamboo plaiting , commonly known as bamboo strips. The processing procedures of bamboo strips include selecting materials , sawing bamboo, pruning, scraping, dividing, splitting, setting the width, thinning and chamfering.
Explanation:
Example: •Bamboo furniture
•Bamboo toys
•Bamboo wind chimes
•Bamboo lamps and lanterns
•Bamboo placements and coasters
The technique bamboos are processed into thin strips or sheet materials for bamboo plaiting, known as bamboo strips and the processing procedures of bamboo strips include selecting materials, sawing bamboo, pruning, scraping, dividing, splitting, setting the width, thinning and chamfering. For example, bamboo furniture.
What is the process of making bamboo handicrafts?The process of making bamboo handicrafts is given below. First, the bamboo is completely dried before use. The bamboo is segregated in the beginning according to the products that are going to be made. They are cut to the required sizes with the help of a bamboo sawing machine. The cut bamboo sticks are arranged for the products that have to be made.
The products are always made depending on the client’s orders. For example, to make a stool, bamboo is cut respectively into four sets to make the legs and eight sets of smaller lengths to connect the legs horizontally to get a firm hold of the four legs of the stool. A stool is something similar to that a chair but doesn’t hold a backrest.
A stool is a seat for a single person without any backrest.
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When a consumer is able and willing to buy a good or service, what does he or
she create?
a. Supply
b. Rush
c. Demand
d. Momentum
Answers
The tiny town of Nemo has three neighborhoods located on a straight line: Neighborhood 1, Neighborhood 2, and Neighborhood 3, with Neighborhood 2 located equidistant between Neighborhood 1 and Neighborhood 3. There is one daycare center, located on Neighborhood 1. There are 10 families residing in each neighborhood, and each family has one child. Each family is willing to pay $70/day for daycare, and prefers daycare closest to its own neighborhood (though at current distances, families will purchase daycare services even if it’s two neighborhoods away). Families are indifferent between any two daycares in the same neighborhood. Suppose that daycare costs $30/day per child to provide. A new daycare center is thinking of opening in Nemo. If both daycares will keep their price at $70/day, which neighborhood should the new daycare open in?
Answers
Answer:
Neighborhood 2
Explanation:
Based on the information given if NEIGHBORHOOD 2 is located between Neighborhood 1 and Neighborhood 3 which means that in a situation where both daycares decide to keep their price at the amount of $70/day, the neighborhood that the new day care should open in is NEIGHBORHOOD 2 reason been that with NEIGHBORHOOD 2 all the families living in both Neighborhoods 2 and Neighborhoods 3 will be attracted to Neighborhoods 2 and on the other hand won't not be attracted to Neighborhood 1, for the amount of $800/day which is calculated as:
(10 Families *2) * ($70 for day care - $30 per child)
20*40= $800/day
Therefore the neighborhood that the new daycare should open in is NEIGHBORHOOD 2
If the government launches the new round of consumption voucher
scheme by giving out $10,000 to all eligible Hong Kong citizens,
predict how GDP per capita in 2022, inflation rate in 2022 and
unemployment rate in 2022 and the long run economic growth
changes. Briefly explain your answer.
Answers
If the Hong Kong government launches a new consumption voucher scheme providing $10,000 to all eligible citizens, this would likely have several short-term and long-term economic effects on GDP per capita, inflation rate, and unemployment rate.
In 2022, the GDP per capita would likely increase due to the boost in consumer spending generated by the vouchers. The additional income would encourage citizens to purchase more goods and services, raising overall demand and production levels.
Consequently, businesses may need to hire more workers to meet this increased demand, which could lead to a decrease in the unemployment rate. However, the inflation rate might also increase in 2022 due to the heightened demand for goods and services.
This higher demand could outpace supply, causing a temporary surge in prices. The extent of the inflationary impact would depend on how businesses adjust their production capacities and pricing strategies in response to the voucher scheme.
In the long run, economic growth could be influenced by how the voucher scheme is financed and the productivity improvements resulting from increased demand. If the government funds the vouchers through higher taxes or increased borrowing, it could potentially dampen economic growth.
However, if businesses invest in more efficient technologies and production methods to meet the increased demand, this could lead to sustainable long-term economic growth. In summary, the consumption voucher scheme may lead to higher GDP per capita and lower unemployment in 2022, but also a potential increase in inflation.
Long-term economic growth would depend on how the scheme is financed and how businesses respond to the higher demand.
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Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
Answers
Answer:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
Answer:
Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
Explanation:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
On December 1, 2021, Keenan Company, a U.S. firm, sold merchandise to Velez Company of Canada for 150,000 Canadian dollars (CAD). Collection of the receivable is due on February 1, 2022. Keenan purchased a foreign currency put option with a strike price of $0.97 (U.S.) on December 1, 2021. This foreign currency option is designated as a cash flow hedge. Relevant exchange rates follow: Date Spot Rate Option Premium December 1, 2021$0.97 $0.05 December 31, 2021$0.95 $0.04 February 1, 2022$0.94 $0.03 Compute the fair value of the foreign currency option at December 31, 2021.
Answers
To compute the fair value of the foreign currency option at December 31, 2021, we need to determine the change in the value of the option from the date of purchase to December 31, 2021. The option premium decreased from $0.05 to $0.04 during this period, indicating a decrease in the fair value of the option.
To calculate the fair value of the option, we need to use the Black-Scholes model or a similar valuation method. However, since the question does not provide information about the option's expiration date or the underlying asset's volatility, we cannot determine the fair value with certainty.
In this scenario, Keenan Company purchased the foreign currency put option to hedge against the potential risk of a decline in the CAD's value. The company will benefit from the option if the CAD depreciates against the USD, reducing the amount of USD that Keenan will receive from Velez Company when the receivable is due on February 1, 2022.
Overall, this scenario highlights the importance of using currency hedging strategies to manage foreign exchange risk when dealing with international transactions. A company must carefully assess its exposure to foreign currency fluctuations and implement appropriate hedging strategies to protect against potential losses.
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Ted is a single guy who’s living the good life. The spreadsheet below shows Ted’s cash flow for a month.
Based on his monthly cash flow, explain what part of Ted’s financial plan might be missing and why.
Answers
Answer:
Ted's net cash flow is zero. Therefore, he might want to work on managing his income to get a positive net cash flow. There is no indication that Ted is putting any money in savings.
Hope it helps!
What are the positive environmental trends seen today? Many industries are taking measures to reduce the use of -depleting substances and are turning to energy sources though they may seem expensive.
Answers
There are several positive environmental trends seen today, with many industries taking measures to reduce the use of depleting substances and transitioning to renewable energy sources.
One positive environmental trend is the increasing adoption of renewable energy sources. Despite their initial high costs, industries and governments are recognizing the long-term benefits of transitioning away from fossil fuels. Renewable energy, such as solar, wind, and hydropower, emits significantly lower greenhouse gases compared to traditional energy sources. This transition helps reduce carbon emissions and mitigates the negative impacts of climate change. As technology advances and economies of scale are achieved, the cost of renewable energy is gradually decreasing, making it more economically viable.
Additionally, many industries are taking steps to reduce the use of depleting substances. For example, the phase-out of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) has been successful in addressing the depletion of the ozone layer. The Montreal Protocol, an international agreement signed by multiple countries, has played a crucial role in regulating the production and use of these substances.
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Disadvantages of choosing a job that is extremely popular or in demand
Answers
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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t/f The average level of tariffs on imported products charged by industrialized countries was 40% in 1946. By 1990, after decades of GATT negotiations, it was up to more than 60%.
Answers
False. The statement is incorrect. The average level of tariffs on imported products charged by industrialized countries was not up to more than 60% by 1990. In fact, the trend during the post-World War II period was towards reducing tariffs through negotiations conducted under the General Agreement on Tariffs and Trade (GATT).
The GATT rounds of negotiations aimed to liberalize trade and lower trade barriers. As a result, average tariff rates among industrialized countries decreased significantly over time. By 1990, average tariff rates were generally much lower than 60% in industrialized countries, reflecting the progress made in trade liberalization efforts.
The average level of tariffs on imported products charged by industrialized countries experienced a significant decline from 1946 to 1990. The post-World War II era saw the establishment of the General Agreement on Tariffs and Trade (GATT) in 1947, which aimed to promote trade liberalization and reduce barriers to international commerce.
Under the GATT framework, several rounds of negotiations took place, leading to the gradual reduction of tariffs among member countries. These negotiations included the Dillon Round (1960-1962), the Kennedy Round (1964-1967), the Tokyo Round (1973-1979), and the Uruguay Round (1986-1994), which eventually led to the creation of the World Trade Organization (WTO).
As a result of these multilateral negotiations, industrialized countries progressively lowered their average tariff rates. While specific tariff rates varied among countries and industries, the overall trend was towards liberalization and the reduction of trade barriers.
By 1990, average tariff rates in industrialized countries were generally lower than 60%. However, it is important to note that the exact average tariff rate varied across countries and sectors. Tariff rates could be higher in certain protected industries or for specific products, but the average across all imported products in industrialized countries was significantly lower than the 60% figure mentioned in the statement.
This trend towards reduced tariffs and increased trade liberalization has continued in subsequent years, with ongoing negotiations and agreements aimed at further opening up markets and facilitating international trade.
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Which is not a key step to an ideal negotiation process? A) Preparation B) Relationship Building C) Information Gathering D) Bidding
Answers
D) Bidding. Bidding is not typically considered a key step in the ideal negotiation process. Bidding refers to the process of making offers or proposals with specific prices or terms. While it can be a part of certain negotiation situations, it is not universally applicable to all negotiation processes.
On the other hand, the other three options—Preparation, Relationship Building, and Information Gathering—are widely recognized as crucial steps in an ideal negotiation process.
Preparation involves gathering relevant information, setting goals, and developing strategies for the negotiation.
Relationship Building focuses on establishing rapport and trust with the other party to foster effective communication and collaboration.
Information Gathering entails collecting and analyzing data, understanding the needs and interests of both parties, and seeking common ground.
These steps lay the foundation for a successful negotiation by ensuring that parties are well-prepared, have established positive rapport, and possess the necessary information to make informed decisions and reach mutually beneficial agreements.
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. explain why there could be an increase in the official unemployment rate after several quarters of a strong expansion.
Answers
A strong expansion tends to encourage discouraged workers to begin their search for jobs again. This would cause the increase in the official unemployment rate.
Discouraged workers refer to any people who are eligible and able to work but are not actively seeking jobs. Discouraged workers have not try to become employed and have given up on searching for work. This kind of unemployement are usually not recorded under the official unemployment rate.
Discouraged workers only recorded under the real unemploment rate instead being included to the official unemployment rate. The official unemployment rate does not include underemployed, marginally attached and discourage workers on its measurement. Hence, once those discouraged workers try to seeking jobs again, their category as unemployed worker changed into the cyclical unemployement.
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Art teacher Monica earns time and a half for the number of hours she works over 40 hours. One week she worked 48 hours. How many hours of overtime did she work?
Answers
Answer:
8 hours
Explanation:
Here, we want to know the number of overtime hours worked.
From the question, we are told that the pay is slightly different and higher if she worked for some hours over 40 hours
What this means is that the regular number of hours is 40; then the number of hours in this case 8 over 40 is her over time
Which situation best illustrates the concept of scarcity?
a class designing and selling calendars
a cook learning to be an executive chef
a friend buying a copy of a popular DVD
a person buying a used car due to limited income
Answers
Answer:
answer is D
Explanation:
Situation best illustrates the concept of scarcity is a person buying a used car due to limited income
What is Scarcity?Scarcity can be regarded as an economic situation whereby the demand for a resource is more compare to the supply .
Therefore, scarcity is as a result of the resource, been limited.
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Why would an investor prefer purchasing bonds to purchasing stocks?
A. Unlike stocks, when an investor owns bonds, they own a tiny part
of the company.
B. Bonds are more likely than stocks to make huge profits.
C. Bonds are typically less risky than stocks.
D. Unlike stocks, bonds are guaranteed to return a profit to the
investor.
Answers
Answer:
C. Bonds are typically less risky than stocks.
Explanation:
An investor prefers purchasing bonds to purchasing stocks because bonds are typically less risky than stocks. Thus, option C is appropriate.
In the world of finance, a bond is a sort of instrument wherein the issuer lends the holder an obligation and is obligated, depending on the terms, to give the creditor cash flow.
Similar to an IOU, a bond is a sort of debt security. Borrowers create bonds to raise money from investors that are willing to lend it to them for a set length of time. Providing cash to the issuer, whether could be a business, an organization of the government, or a local body, is required to buy a bond.
Simply put, a bond is a loan that a business has obtained. The business obtains funding from investors who purchase its stocks rather than going to a bank.
Thus, option C is correct.
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What is the best way to encourage customers to come back to your site?
A.Stalk them.
B.Use direct mail.
C.Post viral videos.
D.Treat them like they're special.
Answers
Answer:
D because they will feel like they are being cared about and will come back
how much will sue receive from the bank?
Answers
Answer:
the amount she sues for
Explanation:
Both country 1 and country 2 are located on their respective production possibilities frontiers (PPFs) for consumer goods and capital goods, but country 1 produces twice the output of both types of goods compared to country 2. It follows that:_______.
Answers
Answer: country 1's PPF lies further to the right than country 2's PPF.
Explanation:
Both country 1 and country 2 are located on their respective production possibilities frontiers (PPFs) for consumer goods and capital goods, but country 1 produces twice the output of both types of goods compared to country 2. It follows that country 1's PPF lies further to the right than country 2's PPF.
The Production Possibilities Frontier is simply a graph used to show several output combination for two goods that will be be formed using the available resources and skills.
country 1's PPF lies further to the right than country 2's PPF would imply that PPF would lead to a rise in factor resources and a rise in productivity to be able to reach the output of both the consumer and capital goods.
what is the importance of knowing how to compute the market share in a business
Answers
Answer:
Simply put, market share is a key indicator of a company's competitiveness. When a company increases its market share, this can improve its profitability. This is because as companies increase in size, they too can scale, therefore offering lower prices and limiting their competitors' growth.
You can determine a company's market share by dividing its total sales or revenues by the industry's total sales over a fiscal period.
It's important to calculate and understand market size for several reasons. First, entrepreneurs and organizations can use market sizing to estimate how much profit they could potentially earn from a new business, product or service. This helps decision-makers to decide whether they should invest in it.
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Which is the BEST goal to use when creating a marketing strategy?
O
raise awareness of the brand
increase sales by 5 percent
get more customers to visit the website
add teenagers to the target market
Answers
Answer:
I guess the answer is :- increase sales by 5 percent